Several Latin American media outlets reported the possibility last month and have said the inaugural event will be called the Americas Golf Cup and played at the Nordelta Golf Club or Pilar Golf Club.

Steinberg said "the deal is now in place" and that he was awaiting word on the venue. The format possibly will be medal-match play, but Steinberg said it is still to be determined. Steinberg, whose company is Excel Sports Management, also represents Kuchar.

Woods has not played since the final round of the WGC-Cadillac Championship on March 9. He underwent surgery to alleviate a pinched nerve in his back, causing him to miss the Masters last month for the first time in his career.

Steinberg said Woods' participation in the Argentina event is contingent on his health.

If Woods is unable to return this summer, he would not qualify for the PGA Tour's FedEx Cup play-offs, meaning it's possible his return could come at the Argentina tournament. The event will be played during the third week of the PGA Tour's 2014-15 season.